Take the First Step Toward Home Ownership
March 28, 2022
Buying your first home is an exciting prospect. It is also a major financial commitment from start to finish, which means planning is an absolute must. Whether you’re in the learning process or preparing to make a purchase, you’ll find good tips and resources to get your foot in the door of your own home on the first-time homebuyer page. These are just a few of the items featured on that page.
First-time homebuyer loans and rates
Take advantage of our programs created with first-time buyers in mind. And if you need help choosing, we’re here to help.
We’ve also launched a Mortgage Learning Center where you’ll find everything you need to apply for a loan.
Application checklists
Make sure you have all the right documents and information before you begin the application process.
Information about our preapproval process
Learn the benefits of getting approved early to show the seller you’re serious and get more negotiating power.
Mortgage calculator
Estimate costs and determine how much you can afford.
Want to learn more about buying your first home or getting prequalified? Visit the first-time homebuyer page or schedule an appointment to discuss mortgage loans with our experts.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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